Biotech Industry Skyrockets in 2012 as FDA New Drug Approval Rate Increases
Five Star Equities Provides Stock Research on Cytokinetics and Galectin Therapeutics
NEW YORK, NY--(Marketwire - Nov 27, 2012) - The Biotech Industry has skyrocketed in 2012 as an increase in the number of new drug approvals has boosted investor optimism within the industry. The iShares Nasdaq Biotechnology Index Fund (IBB) and the SPDR S&P Biotech ETF (XBI) have both gained over 25 percent year-to-date. Five Star Equities examines the outlook for companies in the Biotech Industry and provides equity research on Cytokinetics, Inc. (NASDAQ: CYTK) and Galectin Therapeutics Inc. (NASDAQ: GALT).
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"In 2011, the U.S. FDA approved 30 new drugs, compared to 21 in 2010," S&P Capital IQ wrote in a note. "Through September 2012, the year-to-date total was 22. We see an improving trend for FDA first cycle review approvals and a rise in the rate of new drug approvals for rare diseases, which we think is helping to boost investor sentiment for the agency, after years of criticism stemming from inconsistency in making and communicating its decisions."
Another key factor in the Biotech Industry's success has been the "patent cliff" major pharmaceuticals have faced in 2012. Major drug manufacturers have looked to biotech companies to help offset major revenue losses from expiring patents as it is less time consuming than developing new drugs through R&D.
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Cytokinetics is a clinical-stage biopharmaceutical company focused on the discovery and development of novel small molecule therapeutics that modulate muscle function for the potential treatment of serious diseases and medical conditions. The company has recently reported positive results from a Phase IIa clinical trial of tirasemtiv in the treatment of patients with generalized myasthenia gravis.
Galectin Therapeutics is pursuing a clear development pathway to clinical enhancement and commercialization for our lead compounds in liver fibrosis, tumor immunotherapy and colorectal cancer. The company has recently reported that it has received a U.S. patent for a second drug class to treat chronic liver disease with fibrosis and cirrhosis.
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